Don’t dwell on a lul, see it as an opportunity to diversify your revenue.
Article

How to Increase Revenue When Sales Are Slow

Whether you’re a seasonal business or not, it is inevitable your business will experience quiet periods. Whether it’s an unexpected client departure or an expected seasonal slump, don’t dwell on the negative, see it as an opportunity to experiment with your marketing. And, who knows, maybe in the process you’ll find a new revenue generator that could help your business during its busiest times, too.

6 Cashflow Generating Ideas

1. Add a Complementary Service or Product

New services or products don’t have to be a new version of what you’re already offering. Think about the tools you own that can be used in other ways, or the related products you can stock.

If you own a food store, then stock kitchen utensils. If you’re a window washer, put up Christmas lights. If you’re a landscaper, plough snow. If you’re a bakery, offer cooking lessons.

No matter what your primary product or service is, it’s not the only asset your business has. Your expertise, your tools, your location are all things that can be utilized to generate more money.

2. Create a Reason to Come Back

Loyalty programs don’t have to be complicated. They can be as simple as a card you stamp or as complicated as a points system calculated on dollar spend.

Choose the easiest way for you to track your customer’s spend. For example, if you don’t have a POS system that tracks individual customer spend, then you won’t be able to reward on that.

While loyalty programs aren’t a unique idea, they do motivate customers. As long as you choose the right incentive. And testing a new program while business is slow will give you time to smooth out the kinks and incentivise those who are staying loyal.

3. Pop-up Sales

Build the loyalty of your community with a pop-up sale. The spontaneity of these sales encourage customers to keep watch of your social channels or coming back to your business to see if you’re having a unprompted sale.

4. Have a Party

Host and open-house event to reward your customers and attract new ones. Events can be a great opportunity to demonstrate your expertise as well as create a memorable experience. Don’t want to do it on your own? Partner with others in non-competitive businesses, charities or local artists and make it a true celebration.

5. Diversify Your Marketing

Use this down time to review the marketing projects you’ve already run. How time intensive they were, what the conversion was, how tangible the results were. Then build on the ones that were the most time effective and rewarding.

Build that mailing list. Give your email marketing a refresh. Ask your customers for testimonials that you can highlight on your website or social media. Create discounts for your mailing list or your social followers that you can track. Build your community. No matter if they buy now or later. Make yourself top of mind.

6. Set Up or Improve Your Online Presence

If you don’t already have a website. Build one. If you have one improve it. Are your customers able to buy your products or book a consultation online? Is it a smooth and pleasant experience?

With all the plugins available, the opportunities are endless. And you don’t have to be a web developer to be able to use them. Use this time to improve you’re overall customer experience. One small change can both make things smoother in busy times and convert those who have not purchased before.

Remember lulls in business are opportunities for you to invest time in your business. Use the time wisely, as who knows when it will happen again if your marketing efforts are successful!

Learn More

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